How to Apply

How We Select Participants

PSE&G selects participants for the residential Solar Loans Program through a competitive solicitation process. Find out how to construct your bid.

If you'd like to participate in the residential PSE&G Solar Loan Program, you'll need to participate in the competitive solicitation process.

Due to limited capacity, not all applicants will be accepted. It's a good idea to familiarize yourself with the process and work with your solar developer before you apply so you can increase your chances of acceptance.

How the Competitive Solicitation Process Works

  1. PSE&G divides its total solar capacity for the year into several segments. Four to six times a year, PSE&G offers a portion of a segment for competitive solicitation by residential customers. View Schedule.
  2. Participants will submit a bid for a guaranteed Solar Renewable Energy Credit (SREC) floor price (or minimum value) in multiples of $5.00 along with their completed application. These bids will determine if the application is accepted by PSE&G and also have a direct impact on the loan amount.
  3. Qualified projects will be ranked from the lowest to the highest according to SREC floor prices submitted.
  4. Applicants that bid the same SREC floor price will be furthered ranked according to a time stamp
  5. Qualified residential projects will be conditionally accepted into the Solar Loan program according to SREC floor price and time stamps until the capacity in the residential segment is fully allocated.
  6. Successful applicants will be notified after the close of the solicitation that their projects have been conditionally accepted subject to further review including credit and interconnection.
  7. Applicants not accepted into the Solar Loan Program due to capacity limitations will be placed on a pending list until the next solicitation in the event any conditionally accepted projects are rejected or withdraw from the program.

Example of a Hypothetical Residential Solar Loan Program Applicant

System Size:

8 kW (dc)

Project Cost:

$28,000

Gross Loan Amount (@$250/SREC & 13.5% capacity factor):

$13,577

Less Administration Fee ($85/kW):

$680

Less SREC Processing Fee ($120/kW):

$960
--------------------------------------------------------------------------------------------------- -----------------

Net Loan Amount:

$11,937

Additional Incentives:

Federal Residential Renewable Energy Tax Credit : 30% of qualified project costs

New Jersey Sales Tax Exemption: See the Database of State Incentives for Renewables & Efficiency

New Jersey Property Tax Exemption: See the Database of State Incentives for Renewables & Efficiency

*The above scenario is for illustrative purposes only. SREC floor prices are subject to the solicitation process. Please consult your tax professional regarding any assumed tax benefits. PSE&G is not affiliated with any solar installation companies and does not provide construction financing. PSE&G only funds the loan once the project has been built, all required inspections have been completed and all conditions precedent within the loan commitment have been met.